What is Covid-19 Impact on Cloud Based Video Conferencing Software Market?
The global cloud-based video conferencing software market is expected to grow at a tremendous pace during the forecast period, according to the AMA study. Rising demand from SMEs owing to growing adoption of cloud-based technologies and emergence of 3D technology in video conferencing solutions are eexpected to drive the market during the near future.
The market study is being classified, by Application (Auto Farming, Automatic Transcription, File Sharing, Mobile Acess, Presentation Streaming, Real-Time Chat, Screen Sharing, Two Way Audio & Video and Others) and major geographies with country level break-up.
Avaya (United States), Lifesize (United States), Zoom Video Communications, Polycom (United States), LoopUp (United Kingdom), Skype Communications S.a r.l. (United States), Google Hangouts (United States), Vidyo (United States), Adobe (United States), GoToMeeting (United States), IVCi, LLC (United States), Brother Industries, Ltd. (Japan), Webex (United States), BlueJeans (United States), StarLeaf (United Kingdom) and Cisco Systems Inc (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 leading to reduced number of transactions & operations. This is expected to be one of the short term challenges also for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Covid-19 Impact on Cloud Based Video Conferencing Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Covid-19 Impact on Cloud Based Video Conferencing Software market by Type, Application and Region.
On the basis of geography, the market of Covid-19 Impact on Cloud Based Video Conferencing Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rising Demand from Small & Medium Enterprises Owing to Rising Adoption of Cloud-based Technologies
- Adoption of Work From Home (WFH) Culture due to Government Regulations Regarding Shutting Down of Operations Across Different Industries such as Corporates & Industries to Avoid the Spread of COVID-19 Leading to Growth in Demand for Cloud -based Video Conferencing Solutions
Market Trend
- Implementation of Artificial Intelligence in Cloud-based Video Conferencing Solutions
- Emergence of 3D Tchnology in Video Coferencing Solutions
Restraints
- Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Many Companies Across Different Parts of the World Due to High Economical Impact of COVID-19 Pandemic such as Aerospace & Defense Industry
Opportunities
- Opportunities in the Asia Pacific Region
Challenges
- Availability of Open Source Platform
- Poor Audio Quality in Video Conferencing Platforms due to Network or Any Other Kind of Issue
Regulations Regarding Safety of Corporate Employees, the Companies are Suggested to Operate with Work-From-Home Policies to Support the Government Fight Against Coronavirus Across Different Parts of the World
Analyst Comment
It is expected that once the pandemic across the world is over, the market is again expected to rise with a healthy during the forecast period. However, the market in 2020 is expected to be boosted by double digit growth due to high adoption of cloud-based video conferencing services. For instance, it is estimated that in 2019, Zoom had 1.99 million active monthly subscribers which further reached to 2.22 million monthly active users in 2020.